Superannuation policy must not pander to rich

The Federal Government has barely taken office and it has already considered diluting its proposed superannuation policy changes.

The $500 000 cap may exclude those who are experiencing “life events” including divorce settlements. This will turn the policy into a dog’s breakfast reminiscent of John Hewson’s ‘GST birthday cake’.

The revenue that will be lost from super concessions over the next few years will be in excess of $50 billion, more than that paid out for the aged pension. It’s a ‘no-brainer’ then that the government must proceed with substantial superannuation changes that do not pander to the rich.